Disclaimer: This information is intended to be of a general nature. Please do not rely on any of the content as being a professional tax or legal opinion and seek your own independent advice.
Agents are often asked to predict future growth potential in the different suburbs and whilst opinions vary, most agree that property located close to the coast, shops, popular schools and transport infrastructure increase in value more rapidly than those that are not.
For in and around Fremantle, these are my top five:
• White Gum Valley. Five years ago, it was unimaginable that property would fetch more than $1,000,000 in the Valley whereas nowadays, quality family homes fetch above six figures regularly. Located so close to Fremantle, and with new developments such as Landcorp’s One Planet initiative opposite the Golf Course, the Valley should continue to build on its 4.4 per cent annual growth over the past 10 years.
• South Fremantle. In a tough market, South Freo has outperformed most other suburbs with 7.5 per cent growth over the past twelve months. The village atmosphere, shops, cafes, pubs and beachside lifestyle opportunities will continue to underpin strong demand for limited housing stock in the suburb. Much of South Fremantle was “cottage built” and with Heritage constraints, land availability will always be tight.
• Hamilton Hill. This vast suburb has had some good growth even during the GFC downturn years. Its median house price has grown 3.5 per cent annually over the past 10 years and sales volumes have held up despite metro-wide falls in recent years. As a suburb, its diversity of housing types and value for money is its strength with premium, near coast housing in the Manning Park precinct mixing nicely with more affordable eastern sections currently undergoing rapid urban renewal thanks to a progressive local government.
• North Fremantle. With small sales samples, it can be difficult to predict the market direction of this “old meets new” river and ocean suburb. Recent upgrades to its Queen Victoria street commercial precinct, has breathed new life into the area. Its median house price has grown around 3 per cent annually over the past decade. Recent subdivisions and housing off McCabe Street are magnificent and will drag up the median over time. A great place to live.
• Samson. For years, the good folk of Samson expected capital growth but were often let down. The 70’s and 80’s styled housing prominent in the suburb is now more popular than previous years and the generous lots, Samson Park, proximity to the Freeway, Murdoch Uni and Fiona Stanley Hospital makes Samson a sensible buying alternative. At a median house price of $620,000, there’s some good buys in here.
These top five are by no means an exhaustive list and if thinking of buying in any suburb, be careful to choose a property that meets all your needs.
By Hayden Groves
REIA Deputy President